Braemar Seascope trading better than expected
20 June 2007
Alan Marsh, CEO of Braemar Seascope Group cheered investors at the Company's AGM today when he told them that trading to date has been better than expected.
The Group's first half profits should be comfortably ahead of last year's pre-tax profits of £5.0 million and similar to the pre-tax profits for the second half of last year which were £6.0 million, despite the weaker US dollar.
He added that activity levels have been strong in all areas, but particularly so in newbuilding and dry cargo chartering where freight rates remain high. The first half results will also benefit from the inclusion of a strong performance from the container desk which last year was only 50% owned by the Group. Tanker and specialised product chartering has performed steadily and the level of period business fixed continues to grow.
Braemar Seascope's forward book has grown substantially over the first quarter due to net additions in newbuilding orders, resale activity and increased involvement in period charter business.
The Groups expanding non-broking activities have increased activity also.
DV Howells has been providing a range of advisory and clean-up services for the container vessel MSC Napoli which will see its revenues grow significantly.
Wavespec's involvement in the Qatari LNG project was recently boosted by the extension of its supervision contract which now extends for another 2-3 years.
Cory Brothers has been successful in winning new business which will significantly increase the annual number of port calls it handles.
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